Year-end closing is the process of recording, reviewing, reconciling, and verifying all financial transactions and aspects of the Cooperative Societies for the fiscal year prior to the closing. This includes expenses, income, assets, investments, liabilities and more.
In this article, a check list is shared to ease this process:
- Call for Vendor Invoice for the month of March prior to closing.
- Provision for year end expense in the books.
- Resolve Suspense ledger.
- Round off the amount receivable or payable to nearest Rupee.
- Check if all entries / vouchers have relevant narrations.
- Cross check all On Account entries in Member ledgers and Vendor ledgers.
- Transfer delay interest as on 31- March into Member ledgers in case of outstanding.
- Send Annual ledger to all Members and rectify errors, if any.
- Check Invoices raised do not have due date beyond 31- March.
- Check Exception Reports and rectify the errors.
- Check Bank Payment and Cash Payment Files for Bills, Vouchers, Journals, and signatures by committee members / authorised signatories.
- Check Cheque Inventory for all bank accounts: Issued, Passed, Stalled and Cancelled
- Do Bank Reconciliation
- Check Debit Note and Credit Note files for the year to be duly signed by committee members / authorised signatories.
- Review all Account Payables and Account Receivables.
- Advance Tax Calculation and Payment.
- Deduct TDS on year end provisions.
- Record Depreciation on Fixed Assets.
- Call for Balance Confirmation statements.
- Review Budget vs Actual expenses for current year.
- Back up of Accounting data.
Cooperative Society Checklist
- Preparing and Publishing Members List as on 31-March.
- Check Minutes book of Committee Meetings with agenda.
- Approve pending Transfers if any.
- Update registers for Transfer cases.
- Check registers for during the year entries.
- Call for SGM to approve Maintenance and Budgets for next financial year.
Next Financial Year Checklist
- Prepare Budgets for Next Financial Year.
- Decide Maintenance Rates, Mode of Payment, Discount and Due dates.
- Incase differential rate is charged to members based on occupancy status (Owner / Tenant). Recheck the occupancy status of flats.
- If other than maintenance amount is collected (Parking Charges, etc), review the charges.
- Raise Maintenance Invoice / Other Invoice
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